Following the Reserve Bank’s policy rate drop, the biggest lender in India, State Bank of India (SBI), lowered its lending rate by 25 basis points, making loans more affordable for both new and current customers.
SBI’s Repo-Linked Lending Rate (RLLR) will drop by 25 basis points to 8.25 percent with the most recent cut. Additionally, it lowered the External Benchmark Based Lending Rate (EBLR) to 8.65 percent by a comparable number of basis points. According to updated rate information on SBI’s website, the increased rates will take effect on April 15, 2025.
The rate cut comes after the RBI cut the main interest rate by 25 basis points last week for the second consecutive time to boost growth in the face of the US’s potential retaliatory tariffs. In addition, starting on April 15, the bank will lower deposit rates by 10–25 basis points.
The interest rate for 1-2 year term deposits would drop by 10 basis points to 6.70 percent with the modification, while accounts with two to less than three years of maturity will earn 6.90 percent instead of 7% for fixed deposits up to Rs3 crore. Term deposits with maturities of 180 to 210 days have been lowered by 20 basis points to 6.40 percent for fixed deposits exceeding Rs3 crore, and those with maturities of 211 days to less than a year have been lowered by 25 basis points to 6.50 percent.
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